Internet reports that US President Trump last month cited the cost of federal debt as a new reason to urge Powell to cut interest rates. But a new analysis shows that firing the Fed chairman and forcing him to cut interest rates will not help. Matthew Luzzetti, chief U.S. economist at Deutsche Bank, and others wrote that replacing Powell would not change the interest cost of the Treasury's debt. Trump has repeatedly called for a 3-point rate cut and said it would save more than $1 trillion. But according to calculations by the Deutsche Bank team, while short-term bond yields fell, long-term bond yields rose, amid concerns that the Fed's more compliant would mean higher inflation. Specifically, if Trump fires Powell, the Treasury will only save $12 billion to $15 billion by 2027.